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Japanese trading platform Monex reportedly offers ‘billions of yen’ for Coincheck

Major Japanese financial services provider Monex has reportedly offered a major deal to acquire embattled cryptocurrency exchange Coincheck.

Written by Bryan Smith Published on

In a surprising move, Japanese financial services provider Monex has reportedly filed to acquire a majority stake in Coincheck – the embattled cryptocurrency exchange that suffered through a hack that saw some $530 million USD in NEM coins plundered late last year.

According to Nikkei Asian Review, Monex is apparently seeking to acquire a majority stake in the exchange for the sum of ‘several billion Yen’.

Accordingly, Monex is apparently seeking to replace Coincheck’s management team and would restore the cryptocurrency exchange’s services to full capacity.

A full announcement is expected to be made within the week.

A much-needed vote of confidence

Coincheck was, of course, hacked in early January – according to company representatives, hackers managed to steal the private key for a hot wallet wherein the NEM coins where stored – draining funds belonging to customers of the exchange. The company later confirmed that the ‘inappropriate’ movement of funds was noticed by the Japanese Financial Services Agency, which in turn alerted the exchange.

Coincheck has previously sought to regain the confidence of its investors in the wake of its hack, and has previously indicated that it is ‘eager to continue its business’ by “strengthen(ing) its computer security system and information disclosure policy.

The exchange has now begun the arduous task of refunding NEM customers, wherein compensation will be paid in Japanese yen at the rate of ¥88.5 JPY to 1 NEM.

Previously, while considering a tie-up in a bid to restore consumer confidence in its platform, a Coincheck spokesperson elaborated that the company “Will solemnly and seriously take the measures we take carefully and will deeply reflect on ourselves and will drastically review our internal control system and management control system and will review the management strategy that thoroughly protects customers.”

News of an acquisition, then, might well pave the way for Coincheck to quickly regain its credibility in the eyes of both traders and investors.

Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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